Venturini Is Global Leader on Digitalization
Buffalo, NY – April 18, 2018 – Francesco Venturini, Chief Executive Officer (CEO) of Enel X, has been appointed to the Sentient Science Board of Directors. As the newest board member, Mr. Venturini will be an integral member of the board, bringing more than 20 years of experience in the energy and transportation sectors.
Mr. Venturini currently heads Enel’s new Global Business Line, Enel X, which explores how, in a period of technological disruption which is entering abruptly into the energy sector, utilities need to redefine their role, transforming themselves into tech companies to swiftly address the new needs of their customers. Enel X in particular aims to provide new solutions and services to residential, industrial and public customers.
Before heading to Enel X, Mr. Venturini was the CEO of Enel Green Power, a position that he held for 3 years making the company one of the best-positioned and more successful operator in the renewable energy sector at the worldwide level.
During his time as CEO in Enel Green Power, he also served as Board President of WindEurope from 2016-2017. As chair of the board, Mr. Venturini pushed heavily for the full and efficient integration of wind energy into electricity markets, while stressing the importance of elaborating a robust renewable energy strategy for the Union, to revamp its leadership in the decarbonisation field. Moreover, during his chairmanship, he stressed also the pivotal role battery energy storage systems can play in stabilizing grids and reducing the huge waste of renewable energy that is curtailed when grids are at capacity. Venturini worked closely with Sentient Science’s CEO, Ward Thomas, to lead the board’s advocacy efforts and guiding the conversation on digitalization as a strategy to significantly reduce the cost of wind energy.
“When I was on the board at WindEurope, I saw firsthand how the other CEOs in wind embraced Sentient’s technology to lower their cost of energy through life extension. I was drawn to their stake in the ground to be the trusted third party to the operator,” said Venturini. “Sentient’s discovery that there is a 68% difference between physical test models and the failure rates that are actually occurring in the field proves the unleveled playing field between OEM and operator. I am excited to bring my expertise on how to deliver key value drivers like customer success and digitalization to Sentient and to guide and accelerate their IPO aspirations.”
“Francesco will be a great addition to the board, bringing strong finance, executive and leadership experience. His proven success in leading a global business and transforming the traditional utility into a digitalization company will serve us well. He is a ‘Tony Stark, Iron-man’- like innovator who values the importance of digitalization. His forward thinking will be extremely beneficial as we grow our global business in not just renewables, but in aerospace and rail, too.”
In three years of commercial sales, Sentient Science captured 10% market share of the wind industry, and within its current customer base, will be live monitoring about half of the world’s wind fleet by 2020.
“We know that digitalization is the path to the future. We saw firsthand the difference between physical test results and the actual impact operational and loading conditions have on the life of a field asset,” said Thomas. “The industry has to move out of the stone-age, focusing on the past, and get digital. When we deliver the digital bill of materials to the operator, we build a moat around them, requiring the OEM and suppliers to validate the life and impact their offerings have on the field asset to ensure life extension and long-term sustainment of the fleet.”
Mr. Venturini is a leader in the energy industry and has been with Enel Group since 1997, contributing to the company listing on the New York and Milan Stock Exchanges. He’s served in various leadership roles within the Enel organization from Head of Internal Audit to Head of Sales Administration to Head of Finance and Chief Executive Officer and General Manager of Enel Green Power. He’s based in Rome, Italy today, but was born in New York. He graduated cum laude in Economics from the University La Sapienza of Rome Italy, London School of Business and holds an MBA from Massachusetts Institute of Technology (MIT).
Mr. Venturini completes the five-member board alongside Mr. Thomas, Simon Chong, Managing Director or Georgian Partners, Omar Masri, Partner at Toba Capital, and Brian Sperry, President of Technology Applications. The five-member board holds quarterly meetings on governance, strategy and advisory needs.
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ABOUT SENTIENT SCIENCE:
Sentient Science Corporation is a trusted third party to the operator, predicting the life and reliability of complex rotating equipment. Sentient Science’s cloud-based software, DigitalClone Platform, manages the health and life extension of rotating mechanical equipment using a combination of materials science and data science. The technology models and simulates components and full systems under real-life operating conditions to predict life in three dimensions in time – Now (0-12 months) mid-term (1-3 years) and the long term (5+ years) for the electrification and transportation markets. Operators optimize their maintenance cycles and lower the pre-and post-installation costs of “rotating” systems through life extension actions. Equipment manufacturers use the software for design tradeoff and sensitivity analysis and to prove their life claims to accelerate the sales within DigitalClone Platform. Sentient Science has been recognized by the White House in 2014 with the Tibbetts Award and Bloomberg New Energy Finance Pioneers Award in 2016, and the Frost & Sullivan Award for Excellence in Wind Prognostics.
Director, Public Relations & Investor Communications